US futures steady as oil retreats ahead of earnings deluge, Fed decision

US equity index futures were little changed as crude oil prices declined, with traders positioning ahead of a heavy slate of quarterly earnings reports and an upcoming Federal Reserve policy decision. The oil pullback reduces near-term energy-driven inflation pressure, which can ease expectations for restrictive policy and support duration-sensitive growth equities, though the offsetting effect on energy-sector earnings keeps the broader index move muted. Nasdaq-100 futures and the mega-cap technology names most exposed to rate expectations, including Microsoft, Meta, Amazon and Tesla, are sensitive to any shift in discount rates and to the guidance they provide on capital spending and AI-related investment. The dollar's direction will depend on how the Fed's language is read against the lower inflation signal from oil, since a more hawkish tone would widen rate differentials and lift USD, while a dovish read would weigh on it. Traders will focus on the Fed's accompanying statement and press conference for signals on the pace of future cuts, alongside the upcoming consumer price index release that will show whether lower energy costs are feeding through to core inflation.

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